ANZ agrees to $57.5m settlement of lawsuit over credit card interest-free periods

ANZ has agreed to pay $57.5 million to settle a class action lawsuit alleging customers were charged interest on credit card purchases that should have been interest-free. The class action claim, brought by Phi Finney McDonald, alleged ANZ’s credit card interest terms were unfair because they enabled the bank to retrospectively cancel customers’ interest-free periods. … Read more

FPIs net buyers of Indian equities at Rs 40,710 crore so far in March

Buying activity from the foreign portfolio investors (FPI) returned in March with equity purchases worth Rs 40,710 crore taking place as on March 15. This comes after a lackluster first two months where FPIs bought shares worth Rs 1,539 crore while remaining net sellers in January at 25,744 crore. With this WPIs are net buyers … Read more

yield: Benchmark 10-year yield softens to 9-month low

Mumbai: The yield on India’s 10-year benchmark government paper slid to its lowest level in nine months, helping bring down the cost of borrowing across the economy, as a fall in US bond yields and lower than anticipated supply of local debt created appetite for sovereign debt. The 10-year benchmark bond yield closed at 7.02%, … Read more

Union slams decision to close all Bankwest branches in Western Australia and shift focus to digital services

A major Australian bank has been accused of abandoning its customers following a decision to close every one of its branches as it transitions to become a completely digital business. WA-based Bankwest is bringing the shutters down permanently at 45 locations by October while a further 15 in regional WA will be rebranded under the … Read more

Bankwest to close 45 branches in WA as it transitions to a digital bank

A major Australian bank almost 130 years old has revealed permanent branch closures are just months away as it transitions into a digital financial institution. Bankwest announced on Wednesday that all 45 West Australian branches — 28 in metropolitan Perth and 17 in the regions — will be closed by October 2024, meaning the bank … Read more

Late Fees Set To Decline Under Biden Administration Rule

The Biden administration is trying to rein in what it says are unnecessarily high credit card late fees, putting in place a new consumer protection rule it says will lower them. “For over a decade, credit card giants have been exploiting a loophole to harvest billions of dollars in junk fees from American consumers,” Rohit … Read more

NAB to shut down American established Diners Club Cards beginning April 15

Diners club cards will soon cease to exist as NAB announces the death of the card that was once the world’s first multipurpose charge card. NAB will be closing Diners Club cards in Australia, less than two years after it bought the brand from US owned Citigroup. “As of 15 April 2024, Diners Club will … Read more

Finance Sector Union hits back after Westpac cuts 62 local jobs and sends another 50 overseas

Westpac has been slammed by the finance worker’s union for cutting more than 100 jobs and reportedly outsourcing nearly half overseas. The Finance Sector Union (FSU) said Westpac had advised them on Thursday that 62 roles were being axed from Westpac’s risk division unit, and another 50 operations roles would be sent offshore. It said … Read more

Man reveals 14-word sentence that outwitted NAB scammer

A NSW man’s insistence that he verify a caller’s claims led the would-be scammer to drop their act in frustration. Ray received a call from a man claiming to be from NAB Bank, telling him there had been an attempted transaction on his account in New Zealand. WATCH THE VIDEO ABOVE: Would-be bank scammer swears … Read more

Banks branch out as deposits hard to come by on apps

India’s determined digital drive, which linked its villages to the internet at breakneck speed, also prompted what now seems to be rather premature obituaries of branch banking. More banks, contrary to expectations, are busy building brick-and-mortar presence across the country for access to something that has defined banking since it began: Deposits. “Thanks to core … Read more